Container rates down two per cent

Drewry’s World Container Index (WCI) decreased two per cent to US$3,331 per 40-ft container the week of Nov. 25-29, the second straight week rates have dipped after a brief uptick earlier in the month.

The WCI composite index is now 68 per cent below the previous pandemic peak of US$10,377 in September 2021 but 134 per cent more than the average US$1,420 in 2019, pre-pandemic.

The average year-to-date composite index is US$3,966 per feu, which is US$1,116 higher than the 10-year average of US$2,850, which was inflated by the COVID-19 period.

Freight rates from Shanghai to Los Angeles decreased five per cent to US$4,250 per feu and those from Shanghai to Rotterdam fell two per cent. Likewise, rates from Shanghai to Genoa, Shanghai to New York and New York to Rotterdam all shrank one per cent to US$4,490, US$5,182 and US$789 respectively.

Meanwhile, rates from Rotterdam to Shanghai, Los Angeles to Shanghai and Rotterdam to New York remained stable.

Drewry expects spot rates to remain stable next week.